1. a) Mr. Karim went worth hav
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1. a) Mr. Karim went worth have twodebts, one of $2000 due in 18 months and another of 1500 due in 30months. Enam as $3000. If the money is money 5% p.a. compoundedsemiannually, does he have enough money to pay his debts? If nothow much additional money he needs? b) Mr. Rahim borrowed tk. 70000 from abank and singed a promissory note bearing interest at 6% p.acompounded monthly for 6 months and on the maturity date he paidthe interest in full. Also he signed a second note without interestfor the next 6 months. He received Tk. 600000 with 8% interestrate. I) Determine the amountof interest paid in the 1st note. ii)What is Bank discount and find the face value of the 2nd note. |
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Answer:
Solution:
1) Mr. Karim has two debts one of $2000 due in 18 months andanother of 1500 due in 30 monthsHe has $3000If the money is 5% p.a. compounded semiannuallythen first-semester interest calculation= 3000 * 5/100= 150then first semi-annual money = $3150next, we can calculate the next interest and amounthere he has the total amount = $3150then we can calculate the next semiannual money with him= 3150 * 5/100= 157.5= $3307.5the other way we can calculate the money with him compoundedsemiannually is mentioned belowTotal money = principal amount (1+R/100)^2= 3000 (1+5/100)^2= 3000 (105/100)^2= 3000 (21/20)(21/20)= 3000(1.05)(1.05)= 3307.5hence he has the amount with him = $3307.5
Hi has two debtsone of $2000 due in 18 months then we can calculate this for oneyear= 2000/18=$1333.33then we can round for $1333
other debt of $1500 due in 30 months= 1500/30= 50= 50*12= 600then the total money he should pay for one year including twodebts= 1333 + 600= $1933
hence he has enough money with him for the year ending to paythe two debts for one year.
2) Mr. Rahim borrowed tk. 70000 from a bank and signed apromissory note bearing interest at 6% p.a compounded monthly for 6monthsand on the maturity date, he paid the interest in full
calculation:
Rahim borrowed 70000 for 6% p.a. interest compounded monthly for6 months
amount = principal amount (1+R/100)^6
= 70000 (1+6/100)^6= 70000 (106/100)^6
= 70000 (1.06)^6= 70000 (1.42)= 99296
according to first note he has to pay after six months fullinterest = 99296 – 70000 = 29296
as per the second note he took 600000 with 8% interestratethe calculation part is same as the above first note.but, he took without interest for the next 6 monthshence his amount face value is same as what he took that is600000
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